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Management - End of course study material
Unit 1: Business and Its Environment
1. Baby boom – refers to the high birth rate period from 1945-1965
2. Baby bust – refers to the low birth rate period following the baby boom period
3. Business – an organization that produces or distributes a good or service for a profit
4. Business ethics – a collection of principles and rules of conduct based on what is right and wrong for an organization
5. Capital goods – buildings tools machines and other equipment that are used to produce other goods but do not directly satisfy human wants
6. Capitalism – an economic political system in which private citizens are free to go into business for themselves to produce whatever they choose to produce and to distribute what they produce as they please
7. Command economy – an economic system in which the method for determining what, how, and for whom goods and services are produced is decided by a central planning authority
8. Commercial business – firms engaged in marketing in finance and in furnishing services
9. Communism – forced socialism where all or almost all the productive resources of a nation are owned by the government
10. Comparable worth – paying workers equally for jobs with similar but not identical job requirements
11. Competition – rivalry among sellers for consumers’ dollars
12. Consumer goods – products produced for sale to individuals and families for person use
13. Demand – refers to the number of similar products that will be bought at a given time at a given price
14. Domestic goods – products made by firms in the United States
15. Downsize – cutting back on the goods and services provided and thereby shrinking the size of a firm and the number of employees
16. Economic system – an organized way for a country to decide how to use its productive resources
17. Economic want – the desire for scarce material goods and services
18. Economics – the body of knowledge that relates to producing and using goods and services that satisfy human wants
19. Effectiveness – occurs when an organization makes the right decisions in deciding what products or services to offer customers or other users
20. Efficiency – occurs when an organization produces needed goods or services quickly at low cost
21. Empowerment – (1) letting workers decide how to perform their work tasks and offer ideas on how to improve the work process; (2) the authority given to individual employees to solve problems on the job with available resources
22. Entrepreneur – a person who starts manages and owns a business
23. Factors of production – land labor capital goods and management—the four basic resources that are combined to create useful goods and services
24. Finance – deals with all money matters related to running a business
25. Foreign good – products made by firms in other countries
26. Franchise – a legal agreement between a company and a distributor to sell a product or service under special conditions
27. Franchisee – the distributor of a franchised product or service
28. Franchisor – the parent company of a franchise agreement that provides the product or service
29. Glass ceiling – an invisible barrier to job advancement
30. Global competition – the ability of profit-making organizations to compete with other businesses in other countries
31. Gross Domestic Product (GDP) – the total market value of all goods produced and services provided in a country in a year
32. Industrial business – firms that produce good that are often used by other businesses or organizations to make things
33. Intrapraneur – an employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product process or service
34. Labor – the human effort either physical or mental that goes into the production of goods and services
35. Labor force – most people aged 16 or over who are available for work whether employed or unemployed
36. Labor participation rate – the percentage of the labor force either employed or actively seeking employment
37. Manufacturing firm – businesses that produce goods
38. Marketing – the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives
39. Market economy – an economic system that determines what how and for whom goods and services are produced by coordinating individual choices through arrangements that aid buying selling goods and services
40. Mass production – an assembly process in which a large number of products is produced each of which is identical to the next
41. Mixed economy – an economic system in which a combination of a market and a command economy is blended together to make decisions about what how and for whom goods and services are produced
42. Monopoly – exists when competition is lacking for a product or service or when producers are in a position to control the supply and price of goods or services
43. Output – the quantity or amount produced within a given time
44. Privatization – when a state or country transfers its authority to provide a good or service to individuals or businesses
45. Service firm – business that provide assistance to satisfy specialized needs through skilled workers
46. Social responsibility – the duty of a business to contribute to the well-being of society
47. Socialism – an economic-political system in which the government controls and regulates the means of production
48. Stakeholders – the owners customers suppliers employees creditors government the general public and other groups who are affected by a firm’s action
49. Supply – refers to the number of similar products that will be offered for sale at a particular time and at a particular price
50. Total Quality Management (TQM) – a commitment to excellence that is accomplished by teamwork and continual improvement
51. Underground economy – income that escapes being recorded in the GDP
52. Utility – the ability of a good or service to satisfy a want
Unit 2: Business Ownership and Law
1. Assessed valuation – the value of property determined by tax officials
2. Bankruptcy – a legal process that allows selling assets to pay off debts
3. Business plan – a written description of the business and its operations with an analysis of the opportunities and risks it faces
4. Charter – an official document granted by a state giving power to run a corporation
5. Cooperative – a business owned and operated by its user-members for the purpose of supplying themselves with goods and service
6. Copyright – similar to a patent in that the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author plus 70 years
7. Corporation – a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person
8. Creditors – those to whom money is owed
9. Dividends – profits distributed to stockholders on a per-share basis
10. Excise tax – a sales tax that applies only to selected goods and services such as gasoline
11. Income tax – a tax levied against the profits of business firms and against earning of individuals
12. Interstate commerce – business operations and transactions that cross over state lines
13. Intrastate commerce – business transacted within a state
14. Licensing – a way to limit and control those who plan to enter certain types of businesses
15. Partnership – a business owned by two or more persons
16. Patent – an agreement in which the federal government gives an inventor the sole right for 20 years to make use and sell an invention
17. Progressive tax – tax based on the ability to pay
18. Property tax – a levy on material goods owned
19. Proportional tax – tax rate remains the same regardless of the amount on which the tax is imposed
20. Proxy – a written authorization for someone to vote in behalf of the person signing the proxy
21. Regressive tax – taxation wherein the actual tax rate decreases as the taxable amount increases
22. Sales tax – a tax levied on the retail price of goods and services at the time they are sold
23. Shares – equal parts of the division of ownership of a corporation
24. Sole proprietorship – a business owned and managed by one person
25. Stockholder – owners of a corporation
26. Trademark – a distinguishing name symbol or special mark placed on a good or service that is legally reserved for the sole use of the owner
Unit 3: Information and Communication Systems
1. Bricks-and-mortar business – businesses that complete most of their business activities at a physical location rather than through the Internet
2. Browser – a program that permits you to navigate and view Web pages
3. Channel of communication – the means by which a message is conveyed
4. Chief information officer (CIO) – the top computer executive
5. Communication – refers to the sharing of information which results in a high degree of understanding between the message sender and receiver
6. Communication network – a structure through which information flows in a business
7. Conflict – a situation that develops when one person interferes with the achievement of another’s goals
8. Controlling – evaluating results to determine if the company’s objectives have been accomplished as planned
9. Decision support system (DSS) – a system that helps managers consider alternatives in making specific decisions
10. E-commerce – doing business online
11. Ergonomics – a science of adapting equipment to the work and health needs of people
12. Executive information system (EIS) – combines and summarizes ongoing transactions within the company to provide top-level executives with information needed to make decisions about company goals and direction
13. Firewall – a system using special software that screens people who enter or exit a network by requesting passwords
14. Internet service provider (ISP) – a service that provides Internet access
15. Manager – a person who complete all four management functions on a regular basis and has authority over other jobs and people
16. Management – the process of accomplishing the goals of an organization through the effective use of people and other resources
17. Management information system (MIS) – integrates data from various departments to make it available to help managers with daily business operations
18. Personal digital assistant (PDA) – a small computer-like device that can send and receive messages wirelessly
19. Search engine – a program that assists in locating information on the Internet
20. Telecommunications – allowing employees to work at home using computers rather than at the business
Unit 4: Management Responsibilities
1. Accountability – the obligation to accept responsibility for the outcomes of assigned tasks
2. Achievement need – take personal responsibility for work; set personal goals; want immediate feedback on work
3. Affiliation need – concerned about relationships with others; work to get along well and fit in with a group
4. Autocratic leader – one who gives direct clear and precise orders with detailed instructions as to what when and how work is to be done
5. Centralized organization – all major planning and decision making is done by a group of top managers in the business
6. Decentralized organization – a business is divided into smaller operating units and managers are given almost total responsibility
7. Democratic leader – one who encourages workers to share in making decisions about work-related problems
8. Empowerment – letting workers decide how to perform their work tasks and offer ideas on how to improve the work process
9. Executive – a top-level manager who spends almost all of his or her time on management functions
10. Flattened organization – one with fewer levels of management than traditional structures
11. Human relations – how well people get along with each other when working together
12. Implementing – helping employees to work effectively
13. Leadership – the ability to influence individuals and groups to achieve organizational goals
14. Leadership style – the general way a manager treats and directs employees
15. Line organization – all authority and responsibility may be traced in a direct line from the top executive down to the lowest employee level in the organization
16. Matrix organization – combines workers into temporary work teams to complete specific projects
17. Mission statement – a short specific statement of the purpose and direction of the business
18. Motivation – the set of factors that cause a person to act in a certain way
19. Motivators – factors that increase job satisfaction
20. Open leader – a manager who gives little or no direction to workers
21. Operational planning – short –term planning that identifies specific activities for each area of the business
22. Organization chart – a visual device that shows the structure of an organization and the relationships among workers and divisions of work
23. Organizing – determining how plans can most effectively be accomplished; arranging resources to complete work
24. Planning – analyzing information and making decisions about what needs to be done